HOUSTON, March 18, 2008 --- A decision today by a British judge to lift a $12 billion freeze on assets owned by Petróleos de Venezuela, S.A. (PDVSA), the national oil company of the Bolivarian Republic of Venezuela, acknowledges the international strength of CITGO’s ultimate parent and its importance as a world class oil producer, which makes an asset freeze unnecessary and incompatible with applicable laws, said CITGO Chairman, President and CEO Alejandro Granado.
“We congratulate PDVSA on its victory in the ongoing legal fight against ExxonMobil. The decision today supports the fact that Venezuela and its national oil company have acted in compliance with principles that ratify the sovereign right of nations over their natural resources,” Granado noted.
“I am very proud to be part of the big PDVSA family. PDVSA always acts in compliance with applicable laws, respecting its commitments with the support of a highly ethical, morally responsible and professional work force.”
CITGO, based in Houston, is a refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals, refined waxes, asphalt and other industrial products. The company is owned by PDV America, Inc., an indirect wholly owned subsidiary of Petróleos de Venezuela, S.A., the national oil company of the Bolivarian Republic of Venezuela.
For more information visit http://www.citgo.com
“We congratulate PDVSA on its victory in the ongoing legal fight against ExxonMobil. The decision today supports the fact that Venezuela and its national oil company have acted in compliance with principles that ratify the sovereign right of nations over their natural resources,” Granado noted.
“I am very proud to be part of the big PDVSA family. PDVSA always acts in compliance with applicable laws, respecting its commitments with the support of a highly ethical, morally responsible and professional work force.”
CITGO, based in Houston, is a refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals, refined waxes, asphalt and other industrial products. The company is owned by PDV America, Inc., an indirect wholly owned subsidiary of Petróleos de Venezuela, S.A., the national oil company of the Bolivarian Republic of Venezuela.
For more information visit http://www.citgo.com
